Brazil's New Payment System 'Pix' Accelerates De-Dollarization
Brazil’s new payment system Pix is causing concerns in Washington as it is competing with US credit card companies while modestly advancing the de-dollarization agenda. Pix is run by Brazil’s Central Bank (BCB) and was launched in 2020 in an effort to chip away at the US dollar. The payment system enables users to send and receive transfers in just a few seconds, at any time, including non-business days. Also Read: Dollar Reserves Hit 47% Record Low as China Drives De-Dollarization The de-dollarization move from Brazil through the new payment system remained slow in 2020 but is gaining speed in 2025. According to the latest Pix data from Brazil’s Central Bank, Pix settled more than $450 billion worth of transactions last quarter. Pix “operates outside the dollar ecosystem. It represents the embryo of independent systems,” said Brazilian diplomat Philip Yang. The trade wars kick-started by Trump are making Brazil safeguard its economy. Brazil’s De-Dollarizat...